Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Wednesday morning turned into one of the most stressful days in the history of Meta Platforms as
Mid-Cap Stocks Rally Again: Smart Opportunity or Rising Market Risk? Experts Explain
The Indian stock market is once again witnessing renewed enthusiasm in mid-cap stocks. After endu
IG Anil Shukla, who returned to Delhi Police on deputation from the National Investigation Agency
Punjab Kings defeated Kolkata Knight Riders by 16 runs in Mullanpur on Tuesday in IPL 2025. In th
New Delhi. In the 21st century, most companies have been oriented towards digitalization, due to
In the second season of Manoj Bajpayee starrer web series The Family Man, a popular actor of Sout
Antilia Bomb Case: The National Investigation Agency (NIA) on Wednesday claimed in the High Court
Defense Minister Rajnath Singh himself has come forward on the questions raised regarding the dem
After Delhi Lieutenant Governor VK Saxena recommended a CBI inquiry into the Delhi government's e
Rising heat can scorch the country's economy, apart from life, a heatwave can also take away jobs
India can no longer ignore issues like global warming. On the one hand, where there is scorching
